Many older adults find it challenging to manage the expenses associated with Medicare, including premiums, deductibles, and copayments. Fortunately, New York State offers several Medicare Savings Programs (MSPs) to help low-income Medicare beneficiaries with these costs.
What are Medicare Savings Programs?
MSPs are state-run programs that help low-income Medicare beneficiaries pay for their health care costs. If you qualify, MSPs can help cover:
- Medicare Part A premiums
- Medicare Part B premiums
- Medicare deductibles
- Medicare copayments
- Medicare coinsurance
Medicare Savings Programs in New York
New York State offers the following Medicare Savings Programs:
- Qualified Medicare Beneficiary (QMB): Helps pay for Part A Premiums, Part B Premiums, deductibles, coinsurance, and copayments (for services and items Medicare covers).
- Qualified Individual (QI-1): Helps pay for Part B Premiums. You must have both Part A and Part B to qualify.
Who Qualifies for MSPs in New York?
To qualify for an MSP in New York, you must meet specific income and resource limits based on the Federal Poverty Level (FPL). The FPL is adjusted annually to account for the cost of living and varies depending on household size.
- QMB: Income must be at or below 138% of the FPL.
- QI-1: Income must be between 138% and 186% of the FPL.
Understanding Income Below 138% of the Federal Poverty Level (FPL)
Income below 138% of the Federal Poverty Level (FPL) means that a person’s annual income is 138% or lower than the official poverty line set by the U.S. government.
How is it calculated?
- Income Limits: The FPL varies based on household size. You can find the FPL for your household size on government websites or through resources like the Department of Health and Human Services.
- Calculate 138%: Multiply your FPL by 1.38. This is the income threshold for eligibility.
How to Apply for an MSP in New York
Contact your local Department of Social Services (LDSS) to apply for an MSP in New York.
Find your local LDSS office.
You can also download the MSP application and follow the instructions for submission.
Additional Benefits
In addition to helping you pay for Medicare costs, qualifying for an MSP in New York can make you eligible for other benefits, such as Extra Help with paying for Medicare Prescription Drug costs
Disclaimer: This information above is intended for informational purposes only and does not constitute financial or legal advice.
